Taos Real Estate

TLT is Taos’ only ‘certified’ mortgage broker by the National and NM Association of Mortgage Brokers.

Rates are GREAT!

30 year  4.875%

15 year  4.375%

5/1         4. 625%

Rates continue to fluctuate as have our markets. Rates have remained steady between 5.25% and 4.625%, refinances are up and lender turn times are now up to 10 days out for refinance approvals.

Just because rates are low doesn’t mean it is any easier getting a loan to close. Lenders are still scrutinizing closely all aspects of our loans and while we are closing loans, the process is taking longer than we like. Patience and open communication helps to minimize the frustrations and keep us positive. Money is beginning to move in the marketplace, albeit slowly.

Appraisal Updates

The Federal Housing Finance Agency approved the Home Valuation Code of Conduct (HVCC), which becomes effective May 1, 2009.  This means that all appraisals must go through an Appraisal Management Company (AMC).  The purpose of the code is to improve the reliability of home appraisals and restore appraiser independence.  The goal is for all parties involved in the mortgage process to receive independent and fair property valuations.

The reasons for the approval of HVCC is due to the amount of fraudulent property evaluations in the past 18 months or so which have contributed in part to the mortgage lending crisis, over inflated real estate values and our economic downturn.

How does the HVCC affect us locally in Taos? Greatly, we will no longer be able to choose the appraiser, which is not the best news. We at TLT are working to have all local appraisers sign up with a variety of agencies so we can enlarge the scope of approved local appraisers and minimize problems.

Recent News

Article from CNN.com:

Bernanke sees 'signs' decline is easing

Federal Reserve chief says he 'tentative signs' that the economy's slide is slowing. Full recovery will require stabilization of banks.

Last Updated: April 14, 2009: 9:39 AM ET

NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke said Tuesday he sees "tentative signs" that the economy's dramatic decline is easing, but that full recovery won't come until the financial system is stabilized.

"Recently we have seen tentative signs that the sharp decline in economic activity may be slowing," Bernanke said in prepared remarks for a speech he is set to give at 1:30 p.m. in Atlanta.

Bernanke said "a leveling out of economic activity is the first step toward recovery," adding that "we will not have a sustainable recovery without a stabilization of our financial system and credit markets."

Among the positive indicators Bernanke mentioned were recent upticks in home sales and new home construction. He also pointed to improvements in consumer spending, notably sales of new vehicles and existing homes unexpectedly rose in February, after several months of declines, as sellers slashed prices and mortgage rates fell to historic lows. Also in February, initial construction of new homes and applications for building permits both rose unexpectedly.

"Certainly, the housing market remains depressed, but lower interest rates and house prices are making houses more affordable," Bernanke said.

Government figures released Tuesday showed retail sales fell 1.1% in March, after a more modest 0.3% decline the month before. Economists surveyed by Briefing.com had forecast retail sales to increase 0.3% last month.

Auto sales meanwhile, were better than expected in March. While overall sales fell to a 34-year low last month, all the major automakers posted gains from January and February, and all but Toyota topped Edmunds.com's sales forecasts.

Summary

Patience, patience, patience, currently tops location, location, location. Lender guidelines continue to change daily as do the markets, managing change (or is that an oxymoron? J) is how we continue to close our loans.

Contact us at TLT if you have any questions.

Thank you for your time.

Sincerely,

Elisabeth Guillemin

President

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